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DOL Releases Guidance on State-Sponsored IRAs

(November 16, 2015) The United States Department of Labor (DOL) published a significant package of guidance today that will significantly impact numerous states across the country as they wrestle with various strategies for addressing the nations retirement savings crisis. This much-awaited guidance which includes proposed regulations, an interpretive bulletin, and an Employee Benefits Security Administration fact sheet, provides guidance concerning IRA-based, state-mandated workplace retirement savings arrangements and state-run, multiple-employer plans (MEPs).

Given that more than 25 states are considering, or at various stages of implementing, some form of state-sponsored retirement savings program for small business employers, this recent guidance is sure to have far-reaching impact on virtually all financial service organizations.

There is a 60-day written comment period on the proposed rule, with comments to be received by the DOL on or before January 19, 2016.